Sacrificing people is an unmoral choice. Responsible behavior is a great place to begin if you desire a better society.
This opinion editorial is by Mickey Koss (West Point graduate with an economics degree). After serving four years in the infantry, he was transferred to the Finance Corps.
Subjective values cannot be used to force objective measures. They also open society up to anti-freedom and antiindividual action for the greater good.
The problem is that those who don't value Bitcoin have decided that their lack in subjective value justifies the censorship and use of energy for the sake of the greater good. They don't seem to be aware of the precedent it sets.
- We're reducing the heat on your air conditioner because it's too hot.
- We believe that watching "The Kardashians" is a wasteful use of power so we are going to decrease the power entering your home.
- We are cutting gas to your furnace because it isn't cold enough.
- We'll limit your fuel purchase because your car is too large for you to drive on its own.
- Bitcoin is a wasteful of energy. We need to ban mining and change the code.
Each statement is basically the same. Someone is forcing them to live by their subjective values. Although the examples may seem absurd at first, I didn't think a farmer would need to protest in order to continue farming until it began happening in the Netherlands.
These are all things that can be justified for the greater good and benefit of society.
"It is therefore necessary that the individual finally realize that his ego is of no significance in comparison to the existence of a nation, and that the position of an individual is only conditioned by the interests of a nation as a whole." Adolf Hitler
There are no groups. There are no group effects. There are only individuals. Although we can work together to create a society, the society cannot be affected by us as individuals.
Keynesian Values Revealed
I will never forget how the math was used to justify minimum wage increases in macroeconomics class at grad school. We were to use the demand and supply curves to calculate the increase of unemployment and the wage gains for those still employed after the minimum wage hike.
Your conclusion must affirm the decision to raise the minimum wage to earn an A+. From the beginning, the formulas dictated the outcome: Wage gains would always outweigh unemployment losses.
It's easy to see how this could be applied to real-life situations. To produce more estimates, you can use equations to estimate. Our math supported the result. Science, baby.
What about the Individual?
Although I was able to do all the math correctly, my recommendation is where I fell short.
"I don't recommend raising the minimum wage as it causes an increase in unemployment. It is wrong to force people from their jobs.
Professor, who had written his dissertation about the elasticity in demand for staple commodities sub-Saharan Africa using estimates with low real world value, casually dismissed the concern that unemployment insurance was being used as justification. This was the No. The No. 1 Public Policy School in the United States was at that time.
"Fuck the plebs. They should be dependent on the government.
The greater good of society can justify any act taken against an individual. There are no limiting principles, and the slope is steep and slippery.
Good Riddance Keynes
I believe the intellectual class is resisting bitcoin because they are aware that it will take away their ability to fine-tune society from their ivory towers.
It's okay for a thousand people to lose their jobs, as long as they are just pseudoscience math equations that make them faceless.
Consider the single mother and the single father of a family of five. These are the first Americans to struggle every day to provide for their children and live a dignified and meaningful life. As I was making these calculations, I couldn't help but think about the broken faces of people who were rushing home to inform their families that they had failed that day. Their fragile existence in this fiat world had just fallen apart and their future was uncertain.
If I have to lie to myself in order to get an A on an Economics paper, I'm okay with it.
Bitcoin and The Marionette
I could listen for hours to Dr. Jordan Peterson, bitcoin-famous. To be honest, I have done so and will continue doing so. His analysis of "Pinocchio" for children shows his gift of language.
Pinocchio's story leads him to accept responsibility when he enters into the belly of the beast in order to save his father. Self-actualization is the path to becoming a person. Everyday responsibility is the act that every hero does. We cannot have responsibility if we don't take it on ourselves. Yet, without any scarcity, there cannot be responsibility at both the macro- and policy levels.
The bitcoin standard is a journey that leads to radical self-responsibility. It also cuts the ties of control with the so-called experts who want to control you. We will no longer be puppets, marionettes dancing through life on the end of a fiat strings.
We will no longer be statistics and aggregates. These are parts of deliberately convoluted equations that were used to justify sacrificing for the common good. This will not be possible with the bitcoin standard. Blanket dictats won't be financially viable after scarcity is reintroduced to the market.
Without the individual, there is no society. There is no society without the individual. Only individuals can make decisions at the margins. Sacrificing people is wrong and will continue to be so. Responsible behavior is a great place to begin if you want a better world. This is what Bitcoin does.
This guest post is by Mickey Koss. These opinions are not necessarily those of BTC Inc. and Bitcoin Magazine.
Frequently Asked Questions
What is the tax on gold in Roth IRAs?
The tax on an investment account is based on its current value, not what you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
The rules that govern these accounts differ from one state to the next. For example, in Maryland, you must take withdrawals within 60 days after reaching age 59 1/2 . Massachusetts allows you to delay withdrawals until April 1. New York is open until 70 1/2. To avoid penalties, plan ahead so you can take distributions at the right time.
Who holds the gold in a gold IRA?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
You should consult a financial planner or accountant to see what options are available to you.
What Precious Metals Can You Invest in for Retirement?
These precious metals are among the most attractive investments. They are both easy to trade and have been around for years. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: Gold is one the oldest forms currency known to man. It's stable and safe. It's a great way to protect wealth in times of uncertainty.
Silver: Investors have always loved silver. It's an ideal choice for those who prefer to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinium is another precious metal that is becoming increasingly popular. Like gold and silver, it's very durable and resistant to corrosion. It's also more expensive than the other two.
Rhodium: Rhodium can be used in catalytic convertors. It is also used to make jewelry. It is also quite affordable compared with other types of precious metals.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also less expensive. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
Can I purchase gold with my self directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments that are based on gold's price. You can speculate on future prices, but not own the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
What is the cost of gold IRA fees
A monthly fee of $6 for an Individual Retirement Account is charged. This fee includes account maintenance fees as well as any investment costs related to your selected investments.
To diversify your portfolio you might need to pay additional charges. These fees vary depending on what type of IRA you choose. Some companies offer free checking, but charge monthly fees for IRAs.
In addition, most providers charge annual management fees. These fees vary from 0% to 11%. The average rate is.25% each year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
What are the benefits to having a gold IRA
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It's not subject to tax until you withdraw it. You control how much you take each year. And there are many different types of IRAs. Some are more suitable for students who wish to save money for college. Others are designed for investors looking for higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. But once they start withdrawing funds, those earnings aren't taxed again. This type of account might be a good choice if your goal is to retire early.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. You won't have the hassle of making deposits each month. Direct debits could be set up to ensure you don't miss a single payment.
Gold is one of today's most safest investments. Because it isn't tied to any particular country its value tends be steady. Even during economic turmoil, gold prices tend to stay relatively stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
finance.yahoo.com
bbb.org
How To
The History of Gold as an Asset
Gold was a currency from ancient times until the early 20th century. It was widely accepted around the world and enjoyed its purity, divisibility and uniformity. Aside from its inherent value, it could be traded internationally. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
In the 1860s, the United States began issuing American coins made up of 90% copper, 10% zinc, and 0.942 fine gold. This led to a decline in demand for foreign currencies, which caused their price to increase. The price of gold dropped because the United States began to mint large quantities of gold coins. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. They decided to sell some excess gold to Europe in order to do this.
Because most European countries did not trust the U.S. dollar, they started accepting gold as payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold rose significantly over the years. Today, although the price fluctuates, gold remains one of the safest investments you can make.
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By: Mickey Koss
Title: Forget Sacrificing For The Greater Good, Self-Responsibility Is The Way To A Better Society
Sourced From: bitcoinmagazine.com/culture/self-responsibility-leads-to-better-society
Published Date: Sat, 24 Sep 2022 07:00:00 GMT
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